The Europe Insurtech Market would witness market growth of 47.9% CAGR during the forecast period (2021-2027).
Insurtech refers to the use of new technology to improve the insurance sector by lowering costs for consumers and insurance firms while improving customer experience. Additionally, customers may study, compare products, and buy insurance online without having to visit a local agent due to the use of Insurtech. Furthermore, insurtech companies have simplified the process of purchasing all sorts of insurance by providing quicker and more convenient solutions.
A number of insurtech firms are forming agreements with insurance firms to provide blockchain-based solutions. For example, Amodo, an insurtech firm, formed a relationship with Galileo Platforms Limited, a technology firm, in December 2020. The companies would leverage blockchain technologies to enable insurance companies to deliver new insurance products and alter their client experience as a result of their relationship. Cryptocurrency-based payments are becoming more widely accepted by insurance providers. For example, Metromile, an auto insurance business, stated in December 2021 that subscribers would be able to pay premiums and claim payouts using bitcoin. This initiative should assist the organization to improve its market position.
The insurance business in the United Kingdom is undergoing significant transformation. The general insurance industry in the United Kingdom is intensely competitive, but it is plagued by low profitability, which is exacerbated by the prevalence of online distribution channels. In addition, insurers acknowledge that emerging technologies are transforming their consumers' everyday lives. They also acknowledge that this transition is having an impact on their own industry, which is experiencing an ecosystem disruption brought on by both new entrants and established competitors. As a result, insurers are under increasing pressure to innovate and redefine themselves before the disruption has a negative impact on their bottom line.
FinTech businesses are revolutionizing the banking industry, and now the insurance industry is embracing the digital revolution. For millennials and other customers who have become accustomed to managing their entire financial lives through their mobile devices, insurance is just another aspect of their finances that can be managed through an app on their phone. Real-time interaction and online access to services handled across their mobile and personal devices are now expected.
The Germany market dominated the Europe Insurtech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,768.4 million by 2027. The UK market is estimated to witness a CAGR of 46.7% during (2021 - 2027). Additionally, The France market would exhibit a CAGR of 49% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services (Managed Services, Consulting, and Support & Maintenance). Based on End-use, the market is segmented into BFSI, Automotive, Healthcare, Retail & eCommerce, Government & Defense, Transportation, Manufacturing, and Others. Based on Technology, the market is segmented into Cloud Computing, IoT & Machine Learning, Blockchain, Robo Advisory, and Others. Based on Type, the market is segmented into Health, Specialty, Travel, Auto, Home, and Business & Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Insurtech Market Size will Hit $39.4 Billion by 2027, at a CAGR of 48.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, DXC Technology Company, Oscar Health, Inc., Majesco, Insurance Technology Services, OutSystems, Shift Technology, Quantemplate, Inc., and Damco Group.
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